The Ministry of Trade and Industry has launched a new set of classifications for Micro, Small, and Medium Enterprises (MSMEs) Regulation, 2023 (L.I. 2470) in commemoration of International MSME Day.
The reclassification focuses on Section 3, subsection (C) of the GEA Act, which determines the criteria for the classification of MSMEs.
At the launch, sector minister Hon. K.T. Hammond said the move was necessary because the economy had expanded, the population had increased, technology had advanced, and globalization had reshaped markets. This required a reclassification of MSMEs to align with contemporary economic realities.
He stated that the enactment would promote the development of MSMEs and encourage their participation in industrial transformation. Beyond their economic impact, the government acknowledges MSMEs as a driving force for innovation and the attraction of talent into new and emerging industry sectors.
“It is worthy of note that the Government has since 2017 been addressing these issues through the Ghana Enterprises Agency to ensure that MSMEs can operate efficiently to create jobs and contribute to the socio-economic development of the country,” he said.
As part of its efforts, the government, through the GEA in collaboration with the Mastercard Foundation, launched the “Business in a Box” project to equip aspiring entrepreneurs with the requisite tools for their enterprises. Additionally, initiatives like YouStart Jobs and Skills, and Cocoa Life Youth as Farm Services provide targeted support to specific demographics.
The CEO of the GEA, Mrs. Kosi Yankey-Ayeh, said the classification would help the agency develop new ways to effectively deliver its mandate, coordinating with government institutions, development partners, financial institutions, and the private sector to provide targeted support and resources to MSMEs.
“With this classification, the Ghana Enterprises Agency can design targeted interventions that meet the specific needs of each category of MSMEs,” she said.
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